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Dec 6, 2012
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republicans are now a incrows tn though they still don't want to raise tax rates. the folks here shrug off the fact there hasn't been a meeting of the president in a couple of weeks. and they suggest there won't need to be a meeting until republicans are ready to give in. >> it is our view that simply having conversations c congressional leaders will not produce a deal. what will produce a deal is an acknowledgment by republicans, republican leaders that rates on the top two percent, the wealthiest americans have to rise. there is no deal without that acknowledgment. >> the treasury secretary gite neither says the -- tab eitner says they are ready to go over the cliff. if republicans won't let the tax cuts expire, they say it is not a threat. shepherd? >> it is easy to say why they would be making those statements when there was a recent survey that showed 53% of people said if we do go over the cliff they blame the republican congress. less than 30% would blame the president. so it would appear at least from that survey that he has the people on his side. the civi
republicans are now a incrows tn though they still don't want to raise tax rates. the folks here shrug off the fact there hasn't been a meeting of the president in a couple of weeks. and they suggest there won't need to be a meeting until republicans are ready to give in. >> it is our view that simply having conversations c congressional leaders will not produce a deal. what will produce a deal is an acknowledgment by republicans, republican leaders that rates on the top two percent, the...
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Dec 5, 2012
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first, when i was there, it was the president who had made the no tax pledge. president bush the first, as you'll recall, made a very famous no tax pledge which he eventually backed off of. in this case, it's the congress. the republicans of the congress specifically, who have made the tax pledge, and the president who is trying to get them to break it. secondly, the numbers are very much reflecting the passage of time. we were very concerned because we thought the budget was going to be -- the deficit was going to be about $150 billion. that shocked everyone into action. then, unlike now, there remains some degree of bipartisanship. there was comity, there was discussion, even as we battled over the budget, we worked together in a bipartisan way on many other issues. you didn't have the total polarization that you have today. >> i mean, when you were elected senate majority leader, i understand one of the first people that you called was the minority leader, senator dole. >> that's right. i called him right away, i went to see him almost immediately, and i sai
first, when i was there, it was the president who had made the no tax pledge. president bush the first, as you'll recall, made a very famous no tax pledge which he eventually backed off of. in this case, it's the congress. the republicans of the congress specifically, who have made the tax pledge, and the president who is trying to get them to break it. secondly, the numbers are very much reflecting the passage of time. we were very concerned because we thought the budget was going to be -- the...
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Dec 4, 2012
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raising taxes. but also he did it in a way that grew the economy and the nation prospered and the debt became no big deal and then the debt was gone and the debt clocks that were supposed to be scary got shut off. that was because of prioritizing economic growth and being willing to raise revenues. look when we started growing again after the recession. it was not long after the stimulus kicked in. the government spent money and the economy grew. that's how it works. that's why it used to be a beltway consensus when the economy needed to e grow, you needed economic stimulus in terms of your fiscal policy. now the discussion about how we need to make sure we contract the economy and cause as much pain as possible to the people who will be hurt the most by that contracting, maybe that makes sense on sunday morning, but the rest of us go to work during the week and sometimes we go to parties. right now as we speak, here's the scene in washington. at the white house, which bo obama has shown us what it
raising taxes. but also he did it in a way that grew the economy and the nation prospered and the debt became no big deal and then the debt was gone and the debt clocks that were supposed to be scary got shut off. that was because of prioritizing economic growth and being willing to raise revenues. look when we started growing again after the recession. it was not long after the stimulus kicked in. the government spent money and the economy grew. that's how it works. that's why it used to be a...
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Nov 29, 2012
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additional tax increases equal to $600 billion. 2009 level estate tax. multiyear stimulus package starting with at least $50 billion next year alone. permanent increase in the debt ceiling, the debt limit enough to avoid it. in exchange, $400 billion in savings from the medicare and other entitlements to be worked out next year with no guarantees. that didn't go over well. syndicated columnnist charles krauthammer. what is going on here? >> you know, up until today i didn't think -- i did think that the president had shown leg on entitlement reform. he did no 2011. when the house speaker failed to reach a grand bargain. you heard signals from dick durbin said on the sunday shows that medicare had to be on the table. he circled back and say it couldn't be part of the down payment. a lot of confidence that the president is willing to go over the cliff before he would do anything to entitlement. this is the -- the ball is in the democrats' court, not in the republicans that i spoke to today. did say that the administration proposal just as boehner said is n
additional tax increases equal to $600 billion. 2009 level estate tax. multiyear stimulus package starting with at least $50 billion next year alone. permanent increase in the debt ceiling, the debt limit enough to avoid it. in exchange, $400 billion in savings from the medicare and other entitlements to be worked out next year with no guarantees. that didn't go over well. syndicated columnnist charles krauthammer. what is going on here? >> you know, up until today i didn't think -- i did...
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what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slouw dow the economy. it would. there's no question about it. but if the problem is that we have a lot of debt and there has to be some pain whether it be in cuts or the form of higher tax revenues, it means there has to be some pain. $2.8 trillion. that's 17% of our debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> well, the reason i would say it's not going to be 17% of our debt on that because right now, we're running a trillion dollar deficit year single year. if we went back to zero, we're rebalanced. right now with the fourth year in a row, that deficit and debt continues to climb. so it doesn't really wipe it out and the challenge of it is what does that do to the overall economy. we're not just dealing with one tax increase as well. a lot of people lose track of
what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slouw dow the economy. it would. there's no question about it. but if the problem is that we have a lot of debt and there has to be some pain whether it be in cuts or the form of higher tax revenues, it means there has to be...
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Dec 3, 2012
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taxes will go up on everybody. and republicans will instead be in a position of voting against middle class tax cuts. democrats bring such a bill to the floor. on sunday house minority leader signaled democrats may not wait saying in a statement, quote, if speaker boehner refuses to schedule this widely supported bill for a vote on democrats for a vote, democrats will introduce a discharged petition to automatically bring to the floor the senate passed middle class tax cuts bill, that bill that would pass the 98% automatically raise the rates to the clinton era for the top 2%. ultimately he has to bring out the best deal. this new negotiation strategy. it appears to have genuinely thrown republicans for a loop. >> the idea of a negotiation is roll over and do what i ask. >> i think we're going over the cliff. it's pretty clear to me they made a political calculation. the plan to entitlement reform is quite frankly a joke. >> a two-step deal in place. step one spending cuts and tax changes that would take effect in
taxes will go up on everybody. and republicans will instead be in a position of voting against middle class tax cuts. democrats bring such a bill to the floor. on sunday house minority leader signaled democrats may not wait saying in a statement, quote, if speaker boehner refuses to schedule this widely supported bill for a vote on democrats for a vote, democrats will introduce a discharged petition to automatically bring to the floor the senate passed middle class tax cuts bill, that bill that...
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Nov 29, 2012
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taxes going up. taxes going up on the affordable care act. billions of dollars of taxes and fees. what's the four-year view look like? what's the plan look like? so let's look at the numbers. how much do we get from deductions? how much do we get from expenditures? how much more do we need? how much does obama care add? what is our growth rate? you know, we don't have a plan. >> yeah. >> and we're throwing these dollar numbers around like if they were nothing. >> i spoke with james clyburn, representative clyburn last hour, about the notion of raising tax rates on the wealthy and not where the president wants them. he said i want it higher. take a listen and then talk about it. >> we know where the president is. and that is 250,000. but there are a lot of democrats who voiced back before the campaign 500,000. some say even a million. all of that's going to be negotiated. the president wants 250. if mr. boehner wants to come and offer something different, i'm sure he'll do that but the president stands at 250. which is below even where i was but he won the election. >> do you think
taxes going up. taxes going up on the affordable care act. billions of dollars of taxes and fees. what's the four-year view look like? what's the plan look like? so let's look at the numbers. how much do we get from deductions? how much do we get from expenditures? how much more do we need? how much does obama care add? what is our growth rate? you know, we don't have a plan. >> yeah. >> and we're throwing these dollar numbers around like if they were nothing. >> i spoke with...
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Dec 6, 2012
12/12
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there's no prospect of an agreement that doesn't involve the tax -- remember, it's 207b8%. remember, all of those americans, too, get a tax cut into that framework on the first $250,000 of their income. >> that said the president and speaker john boehner discussed the budget by phone yesterday. susan mcginnis is in washington with the latest on this game of fiscal chicken. susan, good morning to you. >> right. good morning, terrell. yeah, that phone call does raise the possibility that some serious talks could start soon, but now we learn that a lot of members of congress are heading out on a long weekend, not to return till tuesday, this as the impasse here on capitol hill continues and the nation waits. social security workers marched outside their office in baltimore wednesday. they're protesting the government spending cuts due to kick in at the end of the year as part of the fiscal clear. >> we don't want to see our public hurt in any way. >> just down the road in washington, d.c., the standoff continues. house speaker john boehner says he's still waiting for president
there's no prospect of an agreement that doesn't involve the tax -- remember, it's 207b8%. remember, all of those americans, too, get a tax cut into that framework on the first $250,000 of their income. >> that said the president and speaker john boehner discussed the budget by phone yesterday. susan mcginnis is in washington with the latest on this game of fiscal chicken. susan, good morning to you. >> right. good morning, terrell. yeah, that phone call does raise the possibility...
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they also pay a high rate of tax but nowhere near as high as the u.k. we've got the netherlands that pays around forty eight percent tax germany pays around forty percent average families that pay in tax now we spoke to a few londoners on the streets and i asked them about how they feel about how much tax they pay let's take a listen i'm not particularly looking for office person these players such as it should be. people should pay proportionately. from it really. feels like it's all going to the fact that some of our. communities it's just. good . business. so as you can see you know a lot of people just extremely frustrated that they aren't getting any of their local services back it's demoralizing figure and as the government had promised to recognize marriage to provide some of these tax breaks they haven't done that yet and in the run up to christmas with prices on the rise food prices fuel prices just the price of heating a family's home this is very very bad news and a lot of people feeling extremely frustrated about it. and to some other news m
they also pay a high rate of tax but nowhere near as high as the u.k. we've got the netherlands that pays around forty eight percent tax germany pays around forty percent average families that pay in tax now we spoke to a few londoners on the streets and i asked them about how they feel about how much tax they pay let's take a listen i'm not particularly looking for office person these players such as it should be. people should pay proportionately. from it really. feels like it's all going to...
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i pay my tax, why not starbucks? >> sometimes they position themselveses in other country to avoid paying high taxes here and britain. amazon did $320 million in turnover in the u.k. it paid less than $3 million in british tax. all of this within the law but parliamentary law accused them of immorally minimizing the tax obligation. some say don't blame the big guys. >> i don't moral is the way we ought to levy our taxes. it should be set out in law and fairly enforced by the tax authority. individuals have their own moral compass that guides what they choose to do. >> starbucks does appear to feel the heat of public pressure. saying we need to do more. we are looking at the tax approach in the u.k. the u.k. said it will tighten its tax regime but it has not said how. other european countrys have similar concerns. with some calling for more uniform taxation across the e.u., so some countries don't become tax havens at the expense of others. bret? >> bret: amy kellogg in london. thank you. the supreme court here in the
i pay my tax, why not starbucks? >> sometimes they position themselveses in other country to avoid paying high taxes here and britain. amazon did $320 million in turnover in the u.k. it paid less than $3 million in british tax. all of this within the law but parliamentary law accused them of immorally minimizing the tax obligation. some say don't blame the big guys. >> i don't moral is the way we ought to levy our taxes. it should be set out in law and fairly enforced by the tax...
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Dec 1, 2012
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a broader tax reform. it's unclear whether we'll see that as part of the deal that happens before the so-called fiscal cliff and fiscal slope by the end of this year or in 2013, but we could see real corporate tax reform, possibly lowering in this year or next. these things can get lost in the details when folks are talking about the bush tax cuts and medicare and medicaid and they're not thinking about corporate taxes. but there is so much that could go in this deal. corporate taxes could be part of it. you would see ceos on television getting involved in this kind of stuff if there wasn't something at stake for them when it came to paying taxes and their bottom line. >> eliot: and another indicator of how far apart the parties are when you hear the debt ceiling where last year things got really angry politically as well as in the private negotiation. you have john boehner saying you are going to have to pay me a price to raise the debt ceiling. as a matter of policy they're saying you pass the tax bill.
a broader tax reform. it's unclear whether we'll see that as part of the deal that happens before the so-called fiscal cliff and fiscal slope by the end of this year or in 2013, but we could see real corporate tax reform, possibly lowering in this year or next. these things can get lost in the details when folks are talking about the bush tax cuts and medicare and medicaid and they're not thinking about corporate taxes. but there is so much that could go in this deal. corporate taxes could be...
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reduce tax payers to howards the need to provide medical care and everything. we do there's a taxpayer he comes out of the tax and bearing the actual purging we're already healthy and in shape to go out and. private companies hardworking and reliable make sure to work every day well. terribly work in prison is mandatory and the choice many inmates have is whether to work for a government run prison industry for less than a dollar an hour or a private one for a minimum wage or for around six dollars unique or is a government owned corporation that uses prison labor to produce all kinds of goods mainly for other government agencies one hundred seventy five different types of products and services you see the variety listed on their website they to partner up with private firms now last year unique course revenue nine hundred million dollars as far as private prisons are concerned two of the country's biggest prison corporations made three point three billion dollars last year alone private prisons are treated in the new york stock exchange they are for profit com
reduce tax payers to howards the need to provide medical care and everything. we do there's a taxpayer he comes out of the tax and bearing the actual purging we're already healthy and in shape to go out and. private companies hardworking and reliable make sure to work every day well. terribly work in prison is mandatory and the choice many inmates have is whether to work for a government run prison industry for less than a dollar an hour or a private one for a minimum wage or for around six...
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Dec 1, 2012
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his plan taxes $1.6 trillion of taxes. higher tax rates on people, families making more than $250,000 as well as closing loopholes, limiting deductions, raising the estate tax rate and increasing the taxes on capital gains and dividends. and the plan spends nearly $200 billion. another stimulus package of 50 billion. an extension of unemployment insurance benefits estimated around $30 billion and an extension of the payroll tax cut estimated at about $114 billion. but the geithner plan didn't cut spending. in return for all of that, the president offered $400 billion in cuts to medicare and other entitlement programs. today john boehner basically said, go fish. >> was not a serious proposal. and so, right now, we're almost nowhere. >> just when we needed someone to not say hey, mom, he was nasty so i can be, too. boehner, like geithner, leapt to the extreme. republicans, the best response to a nonstarter could be to put a real thoughtful compromise deal on the table. an alternative. and as for mr. geithner, he wasn't alone
his plan taxes $1.6 trillion of taxes. higher tax rates on people, families making more than $250,000 as well as closing loopholes, limiting deductions, raising the estate tax rate and increasing the taxes on capital gains and dividends. and the plan spends nearly $200 billion. another stimulus package of 50 billion. an extension of unemployment insurance benefits estimated around $30 billion and an extension of the payroll tax cut estimated at about $114 billion. but the geithner plan didn't...
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>>reporter: it is a nonstarter if they reject continuing the upper income tax cuts. the republicans say the plan cuts the deficits by $4.6 trillion based on the white house method of counting based on the recommendations of the president's deficit reduction commission but the president could disagree. the republicans say the plan would raise $800 million through tax reform but not by phasing out the upper income bush tax cuts and before the plan was announced, white house press secretary insisted the rates will not make it to the new year. >> he will not sign a bill that extends those tax rates for the top 2 percent. we cannot afford it. it is not wise economic policy. not wise fiscal policy. it would defeat the principle of balance that he has embraced. >> the president wrapped up an hour long twitter session promoting what he called a balanced approach, as far as deficit reduction. >>shepard: is this posturing? >>reporter: well, it is, this great measure. each side wants to blame the other. and not just if we go over the cliff, but if they do reach an agreement, ea
>>reporter: it is a nonstarter if they reject continuing the upper income tax cuts. the republicans say the plan cuts the deficits by $4.6 trillion based on the white house method of counting based on the recommendations of the president's deficit reduction commission but the president could disagree. the republicans say the plan would raise $800 million through tax reform but not by phasing out the upper income bush tax cuts and before the plan was announced, white house press secretary...
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Dec 7, 2012
12/12
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enough public sentiment saying give up on the tax breaks to get a bigger deal. the president could muscle through the tax rates on his own. risks on his side. why not force him into a position where they can get sort of a bigger deal. here's what i thought was important. republicans saying to me that, you know, last july when we had the debt debacle, the feeling was don't give the president a success, don't give him a big victory because we want to have a prospect of our own candidate winning the white house. that's gone. so i think some of that is abated. >> and chris cizilla, john boehner seems to have more running room. you don't see eric cantor looking over his shoulder quite so much. >> i thought that one of the most fascinating things of the week, the "new york times" story that detailed what you're saying, andrea, that john boehner is in a stronger position than he was after the 2010 election. sort of consolidated his republican conference behind him. david is right, is i think what we know is republicans are willing ultimately, they may not say it today,
enough public sentiment saying give up on the tax breaks to get a bigger deal. the president could muscle through the tax rates on his own. risks on his side. why not force him into a position where they can get sort of a bigger deal. here's what i thought was important. republicans saying to me that, you know, last july when we had the debt debacle, the feeling was don't give the president a success, don't give him a big victory because we want to have a prospect of our own candidate winning...
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there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim from twitter says -- guest: absolutely. a lot of these credits and deductions, the standard deduction exceeds what you would get, that you just take that. host: the specific credits we have been talking about prompt a question from cindy. guest: yes. you generally have to be working are working outside the home. host: is there an hour requirements? guest: there are a lot of specific requirements. host: kay from richmond, virginia. caller: if somebody is working as hard as they can and making less than $50,000 a year, they count on this refund every y
there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim...
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raising taxes would. there's no question about it, but if the problem is that we have a lot of debt and there has to be some pain, whether in cuts or the form of higher tax revenues, that means there has to be pain. look at the math. $2.8 trillion to go back to the clinton era rates. that's 17% of debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> the reason i would say it's not 17% of our debt because right now we have a trillion dollar deficit every single year. if we went back to zero, that's true. right now with fourth year in a row with over a trillion dollars in deficit spending, that deficit and debt continues it to climb. it doesn't wipe it out. what does it do to the overall economy. we're not just dealing with one tax increase right now. the affordable care act actually begin on january 1st as well for people making $200,000 or more or people with large medical bills. that already starts coming up. this is an additional tax increase on top of tha
raising taxes would. there's no question about it, but if the problem is that we have a lot of debt and there has to be some pain, whether in cuts or the form of higher tax revenues, that means there has to be pain. look at the math. $2.8 trillion to go back to the clinton era rates. that's 17% of debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> the reason i would say it's not 17% of our debt because right now we have a trillion dollar...
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Dec 4, 2012
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and jake carney saying unless the republicans give in on tax rates and raise the bush tax rates on the rich, there is no deal and the president is willing to go off the cliff. they hammered speaker boehner's proposal. >> we don't know who pays. we don't know what we are talking about in terms actual legislation to increase revenues it is magic beans and fairy dust. >>reporter: it doesn't sound like they are ready for a compromise. he said they do not take speaker boehner's proposal seriously enough to offer a counterpropsal so the white house believes the ball is still in the republicans' court. >>shepard: but speaker boehner has moved, if shiply and if for the first time in public but he has moved. >>reporter: he has. he is not willing yet, not yet, anyway, willing to raise tax rates. in speaker boehner's proposal he put revenue, tax revenue of $800 billion on the table. you her the white house said this was not enough detail but they say in the republican side it would be from limiting deductions and republican leader said this. >> republicans have move add great deal. who was the fi
and jake carney saying unless the republicans give in on tax rates and raise the bush tax rates on the rich, there is no deal and the president is willing to go off the cliff. they hammered speaker boehner's proposal. >> we don't know who pays. we don't know what we are talking about in terms actual legislation to increase revenues it is magic beans and fairy dust. >>reporter: it doesn't sound like they are ready for a compromise. he said they do not take speaker boehner's proposal...
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in the uk, starbucks says it will start paying corporation tax. the company has nearly 1/3 of the uk coffee shop market, but has only paid the tax once in the past 15 years. starbucks has been stung by public criticism of its actions. you're watching "bbc world news america." still to come on tonight's program, nearly 25 years after a deadly gas attack, one kurdish town is still trying to identify the scores of people who died. to japan now, where the authorities are trying to figure out how tunnel collapsed on sunday, killing at least nine people. huge concrete slabs in the tunnel smashed on to cars. that started a fire on the main route from tokyo to central japan. we report now on that story. >> only this morning, the mangled wreckage of three vehicles was brought -- early this morning, the mangled wreckage of three vehicles was brought from the tunnel. last came a small delivery truck. the driver had been trapped, but alive. by the time rescuers got to him, he was dead. the collapsed tunnel lies deep in the mountains of central japan, just to
in the uk, starbucks says it will start paying corporation tax. the company has nearly 1/3 of the uk coffee shop market, but has only paid the tax once in the past 15 years. starbucks has been stung by public criticism of its actions. you're watching "bbc world news america." still to come on tonight's program, nearly 25 years after a deadly gas attack, one kurdish town is still trying to identify the scores of people who died. to japan now, where the authorities are trying to figure...
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Nov 30, 2012
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whey too high on taxes. not nearly enough on spending reductions. >> the president has said all the way along, if i give you a dollar of revenue, if you guys give me a dollar of revenue, that's $3 trillion in spending cuts. he's coming in with 400, so would you try to get him to 3 trillion here or try to bring down the revenue number? >> well, i think you have to bring down the revenue number. we are not going to tax and spend our way back into economic prosperity in this country. we are going to have to work together. i think most americans are tired of seeing the partisanship and debates. i'm pleased the speaker's up at the white house to find a solution. most people want certainty, long-term predictability in the economy and raising taxes for this amount i think would put us back into a recession and be counterproductive to get our economy going on. >> john boehner clearly, he's the key negotiator. are you going to agree to whatever deal he brings you, if he says representative yoder, it's $1.4 trillion i
whey too high on taxes. not nearly enough on spending reductions. >> the president has said all the way along, if i give you a dollar of revenue, if you guys give me a dollar of revenue, that's $3 trillion in spending cuts. he's coming in with 400, so would you try to get him to 3 trillion here or try to bring down the revenue number? >> well, i think you have to bring down the revenue number. we are not going to tax and spend our way back into economic prosperity in this country....
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no to taxes. do you any any republicans sent to congress to facilitate the president spending to us oblivion? they no. or they will be sent home. >> president feels like he was elected on a campaign where he mentioned on the stump many times, raising tax rates. >> i understand that. >> but under our system the congress writes the law and president enforces them. if they don't go along with the law that the president wants it won't become the law. then we won't let him borrow more and he can't spend more than what the treasury collects. it's forced to reduce spen spending. that is the only way to get the house in order. >> over the cliff. >> over the cliff. >> juan? >> i hope not. i don't think it's good for most of america. it could be damage for economy struggling to recover. takes us further down the road for what i think is the news of the day. argument over the debt ceiling today. that is one point of the republican lench in the dole. some machiavellian misstep made. he wanted the democrats to
no to taxes. do you any any republicans sent to congress to facilitate the president spending to us oblivion? they no. or they will be sent home. >> president feels like he was elected on a campaign where he mentioned on the stump many times, raising tax rates. >> i understand that. >> but under our system the congress writes the law and president enforces them. if they don't go along with the law that the president wants it won't become the law. then we won't let him borrow...
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>>trace: when republicans say the higher tax rates will hurt small business? >>reporter: and that, cost jobs. the white house says only the top 2 percent or 3 percent of small businesses are affected republicans say those are the ones that create the vast majority of the jobs. speaker boehner suggests that capping deductions would actually protect the middle class. >> we have to cut spending and put revenues on the table. now, the revenues will come from, guess who? the rip. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates which we believe will harm our economy. >>reporter: the taxes will go up for those making moreover than $250,000 even if congress does nothing and also forren else but the polls suggest that the american will blame republicans. >>trace: thousands of workers are being laid off at a citigroup, slashing 11,000 jobs adding up to about 4 percent of the entire workforce. it is another cost-cutting move as banks continue to struggle after the rec
>>trace: when republicans say the higher tax rates will hurt small business? >>reporter: and that, cost jobs. the white house says only the top 2 percent or 3 percent of small businesses are affected republicans say those are the ones that create the vast majority of the jobs. speaker boehner suggests that capping deductions would actually protect the middle class. >> we have to cut spending and put revenues on the table. now, the revenues will come from, guess who? the rip....
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, just not the tax rate. the president said no and came back and moved the goal posts and wants 1.6 trillion. >> it's like lucy pulling away the football from charlie brown. the president is now asking for twice the amount of increase in taxes that he campaigned on. really, the proposal that tim geithner brought to capitol hill is one that i believe the democrats one-point even support if put to a voight. the increase in taxes in over $200,000 of income, the incredible increase in change to the death tax, wanting to have a new credit card with no credit limit to the president so he can additionally just borrow and spend and tax? you go through all of these things. it really never deals with the fumblefundamental problem in our country which is the spending. our problem is not that we're taxed too little, we just continue to spend too much. >> he is asking that the debt ceiling that he has sole control over and how much the debt ceiling can be raised without having to get permission from capitol hill. i mean,
, just not the tax rate. the president said no and came back and moved the goal posts and wants 1.6 trillion. >> it's like lucy pulling away the football from charlie brown. the president is now asking for twice the amount of increase in taxes that he campaigned on. really, the proposal that tim geithner brought to capitol hill is one that i believe the democrats one-point even support if put to a voight. the increase in taxes in over $200,000 of income, the incredible increase in change...
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impose a sales tax on wall street call it the wall street sales tax i think that makes a lot of sense there was one between one thousand nine hundred sixteen and one nine hundred sixty six there was a very small wall street sales tax new york state still has a wall street sales tax but they give it back they give it back to the banks because the banks say don't you dare texas so we'll go to jersey so they they caved in there's also there is still right now today a tiny tiny tax on wall street turnover it's point zero zero zero zero something or other and that goes to finance the securities and exchange commission so there's no doubt about the constitutionality it's easy to collect the stuff has to go across exchanges or be enforced in the court. and the amount well the turnover is in the quadrillions six to seven quadrillions of derivatives stocks bonds you put a one percent tax on that your revenue enhancement is probably in the area of many trillions. we don't know how many trillions because obviously the speculation would tend to go down it just shows you how the narrative is impos
impose a sales tax on wall street call it the wall street sales tax i think that makes a lot of sense there was one between one thousand nine hundred sixteen and one nine hundred sixty six there was a very small wall street sales tax new york state still has a wall street sales tax but they give it back they give it back to the banks because the banks say don't you dare texas so we'll go to jersey so they they caved in there's also there is still right now today a tiny tiny tax on wall street...
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Nov 29, 2012
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i think it is a mistake, if it is bad to raise taxes on everybody, it is also bad to raise taxes on 40% of the income. better to leave it in the hands of the people who earned it, leave it in kentucky, and the private sector. >> i understand you don't want to raise taxes on rich, middle class, or anyone. but what about capping deductions, loopholes, stuff like that, are you open to that? >> yes, if it is part of tax reform. and that is why it is not going to happen in this. if we were to lower rates, for example, you could lower the top rate from 35 to 33 and actually get more revenue and get rid of some more deductions at the same time. but i'm not going to vote to bring more revenue to washington. i want less money coming to washington, less money spent up here. and that is how you get the economy to grow. we're not going to have more economic growth. if we send more money to washington, we'll have less economic growth. >> if all the republicans hold firm to that position, you just spelled out in significant detail, there is not going to be a deal, you know, between now and december 3
i think it is a mistake, if it is bad to raise taxes on everybody, it is also bad to raise taxes on 40% of the income. better to leave it in the hands of the people who earned it, leave it in kentucky, and the private sector. >> i understand you don't want to raise taxes on rich, middle class, or anyone. but what about capping deductions, loopholes, stuff like that, are you open to that? >> yes, if it is part of tax reform. and that is why it is not going to happen in this. if we...
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$3500 more on their taxes. republican senator lindsey graham says it's a possibility. >> i think we're going over the cliff. it's pretty clear to me they've made a political calculation. >> blaming democrats for not doing enough to meet republicans halfway. >> the president plans when it comes to entitlement reform, this quite frankly a joke. >> reporter: with little more than fingerpointing getting done in dc wall street is getting wary. stocks inched higher last week but many businesses are holding off investment decisions hoping congress manages to strike a deal and pull back from the brink, jeff. >> jeff: anna werner, thank you. >> with superstorm sandy not quite five weeks behind them, the governors of new jersey and new york are asking for nearly $80 billion in federal aid. many distressed homeowners thought they were already covered by federal flood insurance. but now as michelle miller stills us, they're being told think again. >> reporter: roman and mar yain-- marianna bediner staten island home was fl
$3500 more on their taxes. republican senator lindsey graham says it's a possibility. >> i think we're going over the cliff. it's pretty clear to me they've made a political calculation. >> blaming democrats for not doing enough to meet republicans halfway. >> the president plans when it comes to entitlement reform, this quite frankly a joke. >> reporter: with little more than fingerpointing getting done in dc wall street is getting wary. stocks inched higher last week...
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and determined to raise taxes on the rich. it's one thing during the campaign he was specific and consistent on. it seems to me like they are even more upset about what they see his like of specificity on entitlements. let's play what we heard from his chief negotiator, tim geithner yesterday. >> we can't figure out what they need. they have to tell us. then we have to take a look at it and see if it makes sense for the american public. >> when will we see people putting something on the table or is that not going to happen until like the 30th, 31st of the month? >> well, what i would say is in the white house's initial offer they did offer $400 billion in medicare cuts. and that is something that i think the republicans should actually like as a starting point because clearly the white house knows that they are going to have to go up from there. and bob corker the senator from tennessee who was also on "meet the press" yesterday has proposed some legislation that instead cuts $641 million out of medicare. we'll see some scale
and determined to raise taxes on the rich. it's one thing during the campaign he was specific and consistent on. it seems to me like they are even more upset about what they see his like of specificity on entitlements. let's play what we heard from his chief negotiator, tim geithner yesterday. >> we can't figure out what they need. they have to tell us. then we have to take a look at it and see if it makes sense for the american public. >> when will we see people putting something...
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it is a $2.2 trillion offer that does not raise the tax rate on the wealthiest americans and that has become the central issue of the negotiations. the white house says republicans still are not ready to get serious. susan mcginnis is in washington with the back and forth details. susan, good morning to you. >> reporter: good morning, terrell. gop leaders here on capitol hill sent their plan to the white house in this letter on monday, and now that both initial offers are out there, both sides say it's time to get serious. governors from six states are headed here to washington today to tell president obama their thoughts on the fiscal cliff. the bipartisan group says both sides need to work together to avoid the tax increases and spending cuts due to kick in at the end of the year. >> no one's going to get what they want, but as a country to move forward, we've got to figure out who gives where, and if everything is going to be out on the table, how do we negotiate that? >> reporter: republicans have given a counterproposal to the president's plan which he issued last week. they say
it is a $2.2 trillion offer that does not raise the tax rate on the wealthiest americans and that has become the central issue of the negotiations. the white house says republicans still are not ready to get serious. susan mcginnis is in washington with the back and forth details. susan, good morning to you. >> reporter: good morning, terrell. gop leaders here on capitol hill sent their plan to the white house in this letter on monday, and now that both initial offers are out there, both...
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why double tax capital? anyway, thank you, danielle hughes, we appreciate it. >>> there is a major stir tonight over a cartoon narrated by actor ed asner. check it out. >> over time, rich people decided they weren't rich enough, so they came up with ways to get richer. the first way was to tax cuts. they said why should i care about other nonrich people? >> all right, this here is just an attack on free enterprise. shame on mr. asner, who's a good actor. it's an attack on success. it's an attack on capital itch. it's also an attack on good taste, although we didn't show the most vulgar part. where does a successful actor like this get off saying this kind of thing? what does he know about capitalism anyway as he makes his bucks, and by the way, this entire cartoon was sponsored by the teachers union. what a shocking surprise there. they, too, higher taxes on the rich, knock down free market capitalism, go up against free enterprise. you know, when is this left wing stuff going to end? i guess the answer is n
why double tax capital? anyway, thank you, danielle hughes, we appreciate it. >>> there is a major stir tonight over a cartoon narrated by actor ed asner. check it out. >> over time, rich people decided they weren't rich enough, so they came up with ways to get richer. the first way was to tax cuts. they said why should i care about other nonrich people? >> all right, this here is just an attack on free enterprise. shame on mr. asner, who's a good actor. it's an attack on...
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known raising the gas tax could be seen as a big blow to those big oil companies but if i had to bet companies like exxon mobil which by the way made forty one billion dollars in profit last year probably are going to let those profits go down it would more likely mean customers paying more at the pump. third half of the program cuts in the original simpson bowles plan have already been achieved so taking a look at the map you see of the two point nine trillion dollars of program cuts about one point five trillion have already been announced it looks like congress at least was listening to that part of the plan. all right for social security may no longer be the third rail in american. the text since in bold makes three main changes to social security it increases the taxable maximum on income to ninety percent of all income which would raise two hundred thirty eight billion dollars over the next decade it also uses a different measure of inflation to slow cost of living adjustments and it also raises the retirement age once again now for decades after social security was first imple
known raising the gas tax could be seen as a big blow to those big oil companies but if i had to bet companies like exxon mobil which by the way made forty one billion dollars in profit last year probably are going to let those profits go down it would more likely mean customers paying more at the pump. third half of the program cuts in the original simpson bowles plan have already been achieved so taking a look at the map you see of the two point nine trillion dollars of program cuts about one...
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you have to sort of address the tax rate. we cannot have a tax rate locked in where they starve the government so that the middle class has to sort of pay more of the share for the burden of government, and you know what, we end up cutting away those programs, those things that help grow opportunity for the middle class. the number one problem with our country right now is sort of the shrinking and burden on the middle class. if we want to sort of expand the middle class and grow the middle class, the last thing we can do is sort of put more of that burden on them as opposed to asking the wealthy people to pay their fair share, like what they paid in the clinton administration. >> okay, cornel, let me say this. >> mary, hold on. you are saying the president has not offered any specifics. he is offering some specific cuts in entitlement spending, medicare spending, saving about $400 billion. the republicans have their own ideas. why not let the republicans come out with their priorities, tell us what their ideas are, then you
you have to sort of address the tax rate. we cannot have a tax rate locked in where they starve the government so that the middle class has to sort of pay more of the share for the burden of government, and you know what, we end up cutting away those programs, those things that help grow opportunity for the middle class. the number one problem with our country right now is sort of the shrinking and burden on the middle class. if we want to sort of expand the middle class and grow the middle...
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rate compensated up to forty percent of the way you generate tax payers to be. here and everything. work in prison is mandatory and the choice many inmates have is whether to work for a government run prison industry for less than a dollar an hour or private one for a minimum wage or for around six dollars a unit cory's a government owned corporation that uses prison labor to produce all kinds of goods mainly for other government agencies one hundred seventy five different types of products and services you see the variety listed on. web site they to partner up with private firms now last year unicorns revenue reached nine hundred million dollars as far as private prisons are concerned two of the country's biggest prison corporations made three point three billion dollars last year alone private prisons are traded on the new york stock exchange they are for profit companies and the savings that they reap from using inmate labor. go to their bottom line it's money they otherwise don't have to. keep. large prison populations and harsh sentences result in greater profits america's thre
rate compensated up to forty percent of the way you generate tax payers to be. here and everything. work in prison is mandatory and the choice many inmates have is whether to work for a government run prison industry for less than a dollar an hour or private one for a minimum wage or for around six dollars a unit cory's a government owned corporation that uses prison labor to produce all kinds of goods mainly for other government agencies one hundred seventy five different types of products and...
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one is income tax, right? right now, the highest earners, those households that earn more than a quarter million dollars a year, pay a higher tax rate on the marginal amount, the amount above the $250,000 a year. so we're talking about taking that rate from 36% to 39.6% if we even go there. that hasn't even been negotiated yet but that's 3.6% on every dollar you earn above $250,000. there are not a lot of studies that suggest that that would have catastrophic effects on the economy. the other area that democrats want to raise taxes are on investment income, things like capital gains, dividend income. now, those will jump significantly. here's the thing. very few of these benefits affect middle class workers. it does affect the higher income earners and the question you have to ask is will it affect their spending patterns and the thinking amongst democrats and among many liberal economists is that you don't spend the marginal money that you earn in the same way you spend the core money that you earn, so the im
one is income tax, right? right now, the highest earners, those households that earn more than a quarter million dollars a year, pay a higher tax rate on the marginal amount, the amount above the $250,000 a year. so we're talking about taking that rate from 36% to 39.6% if we even go there. that hasn't even been negotiated yet but that's 3.6% on every dollar you earn above $250,000. there are not a lot of studies that suggest that that would have catastrophic effects on the economy. the other...
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we hear eric cantor saying no new taxes and we know that the dems want to have taxes on the wealthy and also know that the republicans would like to see some spending cuts as well. >> it's not about grover norquist and the pledge. the bottom line is this: even boehner said they're willing to have some revenue, some tax increases if we cut spending. and kelly, by having of billions more dollars in surplus package money that president obama wants, also, increasing taxes by 1.6 trillion dollars, that's not a deal that the american people can live with. it's not about grover norquist and not raising taxes, it's about going to the table and cutting a real deal. >> dick? >> i guess what i say is, what do the republicans want to cut? i mean, have they backed off the paul ryan plan to cut medicare have they backed off the plan for social security, and what is the plan? i think the president and the democrats and the country are waiting to hear. he made an offer. i'm a lawyer and deal with this and the other side why and we move to the middle. where is the republican plan. >> kelly: hold on a mi
we hear eric cantor saying no new taxes and we know that the dems want to have taxes on the wealthy and also know that the republicans would like to see some spending cuts as well. >> it's not about grover norquist and the pledge. the bottom line is this: even boehner said they're willing to have some revenue, some tax increases if we cut spending. and kelly, by having of billions more dollars in surplus package money that president obama wants, also, increasing taxes by 1.6 trillion...
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we don't want to raise taxes on anybody. so i think the best thing to do is to take that issue off the table early. >> reporter: but speaker boehner quickly shot down the idea. >> i told tom earlier in our conference meeting that i disagreed with him. >> reporter: speaker boehner's aides described the talks with the white house today as business-like. they say they're in communication all the time. and that the fact that speaker boehner himself isn't sitting down with the president shouldn't be taken as a sign that talks aren't progress, scott. >> pelley: time is running, thanks, nancy. we've been get a lot of encouraging news about the economy lately and we got more today. in its most recent survey, the federal reserve found that consumer spending and economic growth are up in all regions of the country except those affected by hurricane sandy. moving on now to syria's civil war. at least 34 people were killed today when two car bombs ripped through a suburb of damascus. syria's assad dictatorship has been trying to crush a
we don't want to raise taxes on anybody. so i think the best thing to do is to take that issue off the table early. >> reporter: but speaker boehner quickly shot down the idea. >> i told tom earlier in our conference meeting that i disagreed with him. >> reporter: speaker boehner's aides described the talks with the white house today as business-like. they say they're in communication all the time. and that the fact that speaker boehner himself isn't sitting down with the...
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social security taxes. do you have room to cut back? >> no, sir, i don't. i guess we'll do some type of magic like we do every month here in our household, that's what i call it. >> reporter: if the tax cut expires, pay cut contributions will go from 4.% to 6.2%, that's $115 billion a year that will go to deficit reduction instead of being pumped into the economy. heidi cherholts is an economist. >> it's less money for consumers to spend that means the demand for goods and services will drop. who provides goods and services? workers. so employment will fall. >> reporter: those in favor of allowing the tax cut to expire argue money for social security payments has to come from somewhere. with although mejia says that somewhere will mean doing without some of the basics. >> might be a pair of sneakers. might be that jacket that they want to go to school with in the winter. might be those pair of boots that they want to go and keep warm. >> reporter: for john mejia, the debate in washington is not about the fe
social security taxes. do you have room to cut back? >> no, sir, i don't. i guess we'll do some type of magic like we do every month here in our household, that's what i call it. >> reporter: if the tax cut expires, pay cut contributions will go from 4.% to 6.2%, that's $115 billion a year that will go to deficit reduction instead of being pumped into the economy. heidi cherholts is an economist. >> it's less money for consumers to spend that means the demand for goods and...
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without raising tax rates. >> reporter: and the president today offered this warning to republicans. amid reports they may accept mr. obama's plan to extend tax cuts for most americans while allowing them to go up for the richest, and start the fight all over again during debt limit talks early next year. >> that is a bad strategy for america. it is a bad strategy for your businesses. and it is not a game that i will play. >> reporter: and brian, tonight, the white house is preparing in case the country does go over that fiscal cliff, budget officials have asked all federal agencies for information that they need in case of possible plans in case of those automatic spending cuts that could go in place in just 27 days. >> peter alexander at the white house for us tonight. thank you. >>> and up next, the loss today of a legend in american music. i put away money. i was 21, so i said, "hmm, i want to retire at 55." and before you know it, i'm 58 years old. time went by very fast. it goes by too, too fast. ♪ but i would do it again in a heartbeat. [ laughs ] ♪ ♪ i took my son fishi
without raising tax rates. >> reporter: and the president today offered this warning to republicans. amid reports they may accept mr. obama's plan to extend tax cuts for most americans while allowing them to go up for the richest, and start the fight all over again during debt limit talks early next year. >> that is a bad strategy for america. it is a bad strategy for your businesses. and it is not a game that i will play. >> reporter: and brian, tonight, the white house is...
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on top of that, there's a 5% tax on the portion of very large tax estates. the tax policy tenners estimates the number will jump from 2600 in 2012 to 53,000 in 2013. that's a huge increase from where we stand right now. as you know, some people call this double taxation, because people pay income tax on their earnings, they save it, and then the money gets taxed when they pass it on to their decendents. >> a lot of farmers are respecially concerned about this. let's say you leave land to your children or grandchildren. and to pay the estate tax, you have to sell it, basically, because you don't have that kind of money. >> this is a philosophical difference on the sides. congress does nothing. and those estate taxes revert to the levels they were before george w. bush was in office. those taxes were lowered to help us get through a couple recessions. this is unfair. people should be entitled to pass along their hard earned money. the concentration of wealth needs to be kept in check. it doesn't create dynastys. that was one of the earliest goals of this tax.
on top of that, there's a 5% tax on the portion of very large tax estates. the tax policy tenners estimates the number will jump from 2600 in 2012 to 53,000 in 2013. that's a huge increase from where we stand right now. as you know, some people call this double taxation, because people pay income tax on their earnings, they save it, and then the money gets taxed when they pass it on to their decendents. >> a lot of farmers are respecially concerned about this. let's say you leave land to...
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you can rest assured that they're going to be tax increases, tax-rate increases for the top 2%. you're probably going to see more in the form of health care entitlement cuts. >> ifill: you're thinking, however, that whatever compromise they come up with will be some distance from what you proposed more than a year ago? >> actually, it was more than a year ago. it was more than two years ago. times change. elections happen. there are consequences to those elections. yes, i think you'll see a different product come out. but i think the key is you're going to see a balanced approach with both revenue and spending cuts. you're going to see at least $4 trillion because that is the minimum amount you have to reduce the deficit in order to stabilize the debt and get it on a downward path as a percent of g.d.p. >> ifill: you said a moment ago that this is theater. these are both like opening bids that either side is going to reject. how do we get past that? how do they get past that if, in fact, the catastrophe everyone is warning about is to be avoided. >> if they got to agreement the
you can rest assured that they're going to be tax increases, tax-rate increases for the top 2%. you're probably going to see more in the form of health care entitlement cuts. >> ifill: you're thinking, however, that whatever compromise they come up with will be some distance from what you proposed more than a year ago? >> actually, it was more than a year ago. it was more than two years ago. times change. elections happen. there are consequences to those elections. yes, i think...
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taxes and spending. what is an agreement that both sides can say yes, we each gave a little? >> the republicans must agree to higher tax rates on well off americans. all the way to the 39.6 that the president, they have to. that's the ticket for admission because the president won the election and campaigned on that. the democrats are going to have to agree. they'll use uf -- and that means health care for seniors and poor people and special needs kids. that is not an easy thing to ask anybody to do, let alone the democratic party. which really created these programs. this is going to be awful and gruesome, but 70 for 60 in your poll, 60% of americans want to raise taxes on well off americans. 70% don't want to cut or 80, don't want to cut medicare or medicaid, so the hard stuff is coming. this is the easy stuff. >> we're out of time, guys. nice to talk to you. i appreciate it. >>> next, violent clashes along the turkey, syria border and a new heir to the british throne is on the way. our piers morgan wi
taxes and spending. what is an agreement that both sides can say yes, we each gave a little? >> the republicans must agree to higher tax rates on well off americans. all the way to the 39.6 that the president, they have to. that's the ticket for admission because the president won the election and campaigned on that. the democrats are going to have to agree. they'll use uf -- and that means health care for seniors and poor people and special needs kids. that is not an easy thing to ask...
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they paid only one point two million pounds worth of tax in two thousand and ten when in fact despite when in fact they made profits of around one hundred eighty one million which equates to a tax bill of around fifty one million pounds according to estimation. laura smith in london thank you very much for that update we'll see what the final sentence will be then. so i had this ally india is already to flex its muscles in the south china sea as a country for this team staking a claim for a huge oil and gas bill they're going to come from i think eighteen. plus the us senator received some tit for tat medicine from moscow in response to fit into slap a travel ban and russian thank you for breaching human rights that's another international story to show. a forty nine year old southern california man was thrown in prison and charged with possessing materials to make explosive device all because of his rather unusual wristwatch despite the bomb squad saying that his watch was not a weapon here rated custody for twenty four hours and was charged with the crime anyways a spokesman for the
they paid only one point two million pounds worth of tax in two thousand and ten when in fact despite when in fact they made profits of around one hundred eighty one million which equates to a tax bill of around fifty one million pounds according to estimation. laura smith in london thank you very much for that update we'll see what the final sentence will be then. so i had this ally india is already to flex its muscles in the south china sea as a country for this team staking a claim for a...
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means everybody's taxes go up, but if the president has his way, taxes are going to go up on those very wealthy folks making over 200,000, but most are small businesses filing a subchapter s companies, about 88% of net small business income will be for these taxes when we're depending on them to create two-thirds of the new jobs. boehner's trying to mitigate that mess. i wish him luck. something's going to f to have to give. >> from everything i've heard is that we are realistically, there's two options for country. one, go over the cliff. the other, extend the bush tax cuts for the 98% of americans. everyone who makes under $200,000 a year if they're single. those seem to be the two choices. between those, which do you pick? >> but, if we do that and raise the taxes on those small businesses we were just talking about, according to the congressional budget office, that's going to be about 200,000 american families are going to be out of work next year and that's the low estimate. young is estimating about 700,000 more unemployed. that's a lot of hurt for the middle class, so this is a
means everybody's taxes go up, but if the president has his way, taxes are going to go up on those very wealthy folks making over 200,000, but most are small businesses filing a subchapter s companies, about 88% of net small business income will be for these taxes when we're depending on them to create two-thirds of the new jobs. boehner's trying to mitigate that mess. i wish him luck. something's going to f to have to give. >> from everything i've heard is that we are realistically,...
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to the tax man. ouch. the missouri fellow, or woman, will pay $75 million to the tax man. i'm sure they'll be okay with that really. trust me. here's some perspective too as well. as we get set to dive over the fiscal cliff, january 1st and our tacks jump up, if these people had won just another month and a half later, guess what would have happened? their winnings would have been slashed by $8 million more, so there's the silver lining in the tax cloud. speaking of clouds, man, is it a mess on the west coast. it's just no let-up in the rain. karen mcginnis is here to talk about the pacific storm that are battering the region. the rain just keeps coming and coming. it's expected to dump four to eight inches on places that have already been deluged with six inches. yes. that spells flooding, doesn't it? >> it really does. this will be the big concern as we head towards the weekend. up and down the west coast from seattle to san diego, they're being impacted by fierce winds, heavy rain, and it looks li
to the tax man. ouch. the missouri fellow, or woman, will pay $75 million to the tax man. i'm sure they'll be okay with that really. trust me. here's some perspective too as well. as we get set to dive over the fiscal cliff, january 1st and our tacks jump up, if these people had won just another month and a half later, guess what would have happened? their winnings would have been slashed by $8 million more, so there's the silver lining in the tax cloud. speaking of clouds, man, is it a mess on...
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the revenue proposals are $1.6 trillion in revenue and tax increases. it's a massive tax increase. but also not significant and meaningful in entitlement reforms. >> so, anna, i hear comments like those and remarks by john boehner and the president of the united states and i wonder after the election, did we learn anything? because i -- my reading on the election was that the people, the voters wanted compromise. and for the people in washington to talk to each other not at each other. that still appears to be what they're doing, no? >> i think right after the election that was the message that even president obama and john boehner and the entire leadership, we saw that incredible image of the minority and majority leaders on both houses come out saying things that sounded like they were going to cooperate. but, you know, only in washington can that mean nothing quickly. but i do think, look, let's put this in perspective. we have a game of chicken going on here with a lot of posturing. there's 30 days to get this done, which for washington time it's like dog years. it's an eternit
the revenue proposals are $1.6 trillion in revenue and tax increases. it's a massive tax increase. but also not significant and meaningful in entitlement reforms. >> so, anna, i hear comments like those and remarks by john boehner and the president of the united states and i wonder after the election, did we learn anything? because i -- my reading on the election was that the people, the voters wanted compromise. and for the people in washington to talk to each other not at each other....
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to go over this cliff which means they're willing to let your taxes go up and unemployment checks go away massive spending cuts happen if the pentagon instead of continuing the tax breaks for the wealthy. now there's been very little progress here on chiapitol hill which is why so many have gone home. we know that president obama and john boehner spoke by phone. republican sources telling us they had a conversation yesterday. we don't have a readout on what that was about. we don't know that if any meetings have been scheduled. but any small sign of progress is welcome here on capitol hill. now with so many lawmakers headed home and likely to face the ire of their constituents, we saw one protester in baltimore yesterday over social security. there are a few left. today there's a joint economic committee hearing. they're going to hear from a top economist not only about the jobs numbers coming out tomorrow but also about what can be done to avoid this issue at the end of the year. >> tracie potts for us in washington. thank you. >>> last night on the ed show, steny hoyer explains why
to go over this cliff which means they're willing to let your taxes go up and unemployment checks go away massive spending cuts happen if the pentagon instead of continuing the tax breaks for the wealthy. now there's been very little progress here on chiapitol hill which is why so many have gone home. we know that president obama and john boehner spoke by phone. republican sources telling us they had a conversation yesterday. we don't have a readout on what that was about. we don't know that if...
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save the government a lot of money because exposing tax evasion the government will give you ten percent of what they saved so we have case after case after case now of whistleblowers in america receiving enormous sums of money one woman received one hundred thirty one million dollars as a ten percent of what she saved the government tax avoidance so those things are encouraging to some whistleblowers we don't believe in that here we don't think that people ought to take money because it will it will suggest that we're only doing this for the money is there a coach say in the covering up is a long time culture it's one of the few things that you could say is uniquely british in a sense that the idea that when the police kill somebody nobody's ever convicted there's been a thousand deaths in police custody in this country in the last twenty odd years and not one policeman not one has ever been convicted it's always been covered up there's a famous case in two thousand and six where a brazilian electrician was shot to death by seven on uniform explain clothes police in front of forty horri
save the government a lot of money because exposing tax evasion the government will give you ten percent of what they saved so we have case after case after case now of whistleblowers in america receiving enormous sums of money one woman received one hundred thirty one million dollars as a ten percent of what she saved the government tax avoidance so those things are encouraging to some whistleblowers we don't believe in that here we don't think that people ought to take money because it will...
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they're charged with tax evasion. they deny any wrongdoing. >>> finally, it may be the only time you smile about a story on the fiscal cliff. you need to check out this youtube video of a little boy glued to the animation used by our friends at cnbc. [ laughing ] >> that's the great thing about kids. you can leave him there for 15 minutes. he'd be all set. >>> one of the coolest down hill skating races you'll see this year. plus, bofrming legend mohammed ali receives the biggest award in boxing history. that's next. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically
they're charged with tax evasion. they deny any wrongdoing. >>> finally, it may be the only time you smile about a story on the fiscal cliff. you need to check out this youtube video of a little boy glued to the animation used by our friends at cnbc. [ laughing ] >> that's the great thing about kids. you can leave him there for 15 minutes. he'd be all set. >>> one of the coolest down hill skating races you'll see this year. plus, bofrming legend mohammed ali receives the...
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Dec 7, 2012
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i am a flat tax guy. what i don't get is why the united states wants to imitate the mistakes of western europe, jim pethokoukis. that's what i don't get. you get the last word. >> i think it's stunning and i hope we learn from yoour mistak as quickly as they did in great britain. >>> who needs to wait for a recession? our next guest says we may already be in one and it started way back in july. think about that. recession last july. stay with us. he'll defend his position. r ] when this hotel added aflac to provide a better benefits package... oahhh! [ male announcer ] it made a big splash with the employees. [ duck yelling ] [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ...forbusiness.com. ♪ ha ha! it's easy to follow the progress you're making toward all your financial goals. a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. >>> we've got some more breaking news for you. the michigan
i am a flat tax guy. what i don't get is why the united states wants to imitate the mistakes of western europe, jim pethokoukis. that's what i don't get. you get the last word. >> i think it's stunning and i hope we learn from yoour mistak as quickly as they did in great britain. >>> who needs to wait for a recession? our next guest says we may already be in one and it started way back in july. think about that. recession last july. stay with us. he'll defend his position. r ]...
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Dec 7, 2012
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he maintained his hard line on tax increase. >> just to be clear i'm not going to sign any package that somehow prevents the top rates from going up for folks at the top 2%. but i do remain optimistic that we can get something done. >> congress and the president have until the end the year to avert automatic spending cuts and tax increase. take a quick break. when we come back on the morning news a preview of this morning's jobs report. what role did sandy play in hiring? ♪ [ male announcer ] with free package pickup from the u.s. postal service. visit usps.com. pay, print, and have it picked up for free before december 20h for delivery in time for the holidays. you can even give us special instructions on where to find it. free package pickup. from the u.s. postal service. because it's nice to have an extra pair of hands around for the holidays. because it's nice to have an extra pair of hands around ♪ ♪ there's no such thing whenas too soft. toilet paper, i know what i like. i like feeling both clean and pampered. why should i compromise? quilted northern ultra plush® with the
he maintained his hard line on tax increase. >> just to be clear i'm not going to sign any package that somehow prevents the top rates from going up for folks at the top 2%. but i do remain optimistic that we can get something done. >> congress and the president have until the end the year to avert automatic spending cuts and tax increase. take a quick break. when we come back on the morning news a preview of this morning's jobs report. what role did sandy play in hiring? ♪ [ male...
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Dec 6, 2012
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i want to be paying more taxes. i want our taxes to go to serve the policies of the country, education, charity, health care. i think that president obama's right about this. but i think compromise is going to be necessary to achieve some result. >> let me bring in abbe. your father is known as a moderate republican and a good dealmaker, a man who used to negotiate. what do you make of this? and what does he make of this? >> i think morale is so low right now. the country's so divided. especially for my generation. we're the ones that are going to be handed down the $60 trillion deficit. they will come to a deal. but right now, it's political theater. and it's probably going to look like the simpson-bowles. that will come full-circle again. >> here's a problem the republicans have got themselves into. is obama has been very clever here, the president. i think what he's done is skillfully said to the public, if he goes over the fiscal cliff, the republicans are prepared to make the entire middle class to pay more tax
i want to be paying more taxes. i want our taxes to go to serve the policies of the country, education, charity, health care. i think that president obama's right about this. but i think compromise is going to be necessary to achieve some result. >> let me bring in abbe. your father is known as a moderate republican and a good dealmaker, a man who used to negotiate. what do you make of this? and what does he make of this? >> i think morale is so low right now. the country's so...
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gives in on their demand for more tax money. >> what is lacking are the revenues. we cannot cut your way to deficit reduction. what reduces the deficit are jobs. job creation. after spending cuts, and medicare saving, and next is the revenue. >>reporter: leader pelosi spent time at the white house today meeting with president obama on what we are told are a number of issues. >>shepard: thank you, mike, from washington, dc. we know that business collects information from us when we go to our website our mobile apps. usually it is legal. there is a new law that requires companies to notify you if it is taking information from you. to law is about to be put to the test. i got word in the last 30 seconds and a ruling from the supreme court, a decision from the supreme court, actually, on whether it will hear a same-sex marriage case and the constitutionality of that. the answer is "yes" the court has notified us. all energy development comes with some risk, but proven technologies allow natural gas producers to supply affordable, cleaner energy, while protecting our en
gives in on their demand for more tax money. >> what is lacking are the revenues. we cannot cut your way to deficit reduction. what reduces the deficit are jobs. job creation. after spending cuts, and medicare saving, and next is the revenue. >>reporter: leader pelosi spent time at the white house today meeting with president obama on what we are told are a number of issues. >>shepard: thank you, mike, from washington, dc. we know that business collects information from us...
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went to the home of one middle class family in virginia, saying if the middle class tax cuts expire when the deadline hits it will cost the family an equivalent of a month's rent. meanwhile, john boehner started the talks after a standoff that lasted almost a week. then there was the surprise that rocked the capital today. south carolina conservative, jim demint, a hero to many, is retiring next month. to go run the influential heritage foundation nbc's david gregory, the moderator of "meet the press," has more on the surprise announcement. >> reporter: about four years early, a lot of people thought it would happen by 2017, but not at this point. in his term, demint was somebody who turbo-charged the tea party movement. he told me he would like to see the party really adopt more of these tea party ideas. that really didn't happen. there were more internal fights. he did have success in fielding candidates and also failed. he said they didn't do enough to establish what the party was for. he is going to try to be a force behind the party. now he feels like he can leave the senate, and ch
went to the home of one middle class family in virginia, saying if the middle class tax cuts expire when the deadline hits it will cost the family an equivalent of a month's rent. meanwhile, john boehner started the talks after a standoff that lasted almost a week. then there was the surprise that rocked the capital today. south carolina conservative, jim demint, a hero to many, is retiring next month. to go run the influential heritage foundation nbc's david gregory, the moderator of...
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they're going to raise tax rates. then you say that to boehner's office. no, no. that's not true. >> right. meanwhile the american people are rolling their eyes and not paying attention to any of this. >> look, the stock market has been -- it's been a little troubling for the last three weeks or so. but absolutely. this is like total washington style political posturing. in the end will they get a deal? absolutely. they always get a deal. >> but the question is, is it a small deal or a big deal? >> well sure. >> and that is where i'm a pessimist on i think the smallest possible -- >> yeah. temporary. >> small as possible. >> they'll tackle it next year. >> because there is so much left on the table. we have the debt ceiling, one area where republicans really do have their leverage, you know, that is coming up, too. it's got to be a small deal. >> what is the debt ceiling leverage? i say it this way. okay. you've got leverage but if you use it, the entire -- the popularity rating of the party is going to tank. >> i was
they're going to raise tax rates. then you say that to boehner's office. no, no. that's not true. >> right. meanwhile the american people are rolling their eyes and not paying attention to any of this. >> look, the stock market has been -- it's been a little troubling for the last three weeks or so. but absolutely. this is like total washington style political posturing. in the end will they get a deal? absolutely. they always get a deal. >> but the question is, is it a small...
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. >> still the white house says those across the board spending cuts and tax hikes will take effect if republicans fuse to raise taxes on the wealthiest americans. >>> one of the tea party movements favorite lawmakers is is leaving the senate. south carolina republican jim demint announced yesterday that he's cutting his term short to join the heritage foundation. he said he would not run for a third term in 2016. >>> we're going to get the november jobs report from the labor department. they expect the unemployment rate to hold steady at 7.9% but they think job creation was down substantially from october because of superstorm sandy. >>> apple fans, did you know all your apple l products are made in china. you may have not that but it's about -- known that but it's about to change. they will start assembling one of their mass computer models here in the usa. analysts are calling this a big move. >> for apple l to step out and say this is something they want to do, they want to manufacture here in the united states, it's a big deal. and it's a big differentiator for this country. >> th
. >> still the white house says those across the board spending cuts and tax hikes will take effect if republicans fuse to raise taxes on the wealthiest americans. >>> one of the tea party movements favorite lawmakers is is leaving the senate. south carolina republican jim demint announced yesterday that he's cutting his term short to join the heritage foundation. he said he would not run for a third term in 2016. >>> we're going to get the november jobs report from the...
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nobody even knew what the alternative minimum tax was 8, 9 years ago. now more and more americans, millions are susceptible to it. if you have to patch it for another year, i would hope to get a final solution to that situation very, very shortly because we cannot have that anxiety hanging over folks as they go to pay their taxes in february and march of next year. >> absolutely. another issue, i guess, that is seen as a complication but one that must be addressed the president says, the debt ceiling. i want to play what senator mcconnell has said regarding the president and the portion of his proposal that included the debt ceiling. let's play it. >> the last person who should have limitless borrowing power. look, the only way we cut spending around here is by using the debate over the debt limit to do it. >> i bet you don't agree with that? >> i don't agree with that. we've seen what happens. we've been brought to the brink and don't want to go back to 1995 when the folks walked out and government was shut down. what did we accomplish? i think even mr
nobody even knew what the alternative minimum tax was 8, 9 years ago. now more and more americans, millions are susceptible to it. if you have to patch it for another year, i would hope to get a final solution to that situation very, very shortly because we cannot have that anxiety hanging over folks as they go to pay their taxes in february and march of next year. >> absolutely. another issue, i guess, that is seen as a complication but one that must be addressed the president says, the...
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nobody gets tax relief. we republicans will hang out right for that 2%. >> let's talk about the president's position on this. times done changed is perhaps an understatement. my paraphrase of your words. the president in a "new york times" piece today calls attention to the way the president was talking about putting revenue on the table in 2011 versus 2012. he was talking about ending deductions and closing loopholes as a primary way to get revenue on the table which is a different position than he has now. play that sound for everybody so they can remember. sorry. it's a full screen. i will read the quotation. what we said was give us $1.2 trillion in additional revenues which could be accomplished without hiking tax rates but simply accomplished by eliminating loopholes, some deductions and engaging in a tax reform process to lower rates generally while broadening the base. that is different from where the president is at now. is there currency to the republican argument that the president has moved the g
nobody gets tax relief. we republicans will hang out right for that 2%. >> let's talk about the president's position on this. times done changed is perhaps an understatement. my paraphrase of your words. the president in a "new york times" piece today calls attention to the way the president was talking about putting revenue on the table in 2011 versus 2012. he was talking about ending deductions and closing loopholes as a primary way to get revenue on the table which is a...
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how can you tax it? >> reporter: that's the huge piece that needs to be worked out by the washington state bureau of liquor that's going to run all of this just like they regulate liquor sales, they're going to regulate marijuana sales. they're going to license and tax the growing, the processing and retail sales for all marijuana all at 25% plus fees for every individual that goes into those various businesses. they project that in the first five years nearly $2 billion from this program alone. >> and then this is not the only state because during this federal election there were two states that ended up on positive end of legalizing recreational marijuana. the other one being colorado. why do we not see a party there today? >> reporter: because they haven't made it legal yet. the governor there has to act before january 5th and then they will make it at some point legal to possess pot there as well. and then they'll have to go through the same process of setting up the rules to figure this out. advocat
how can you tax it? >> reporter: that's the huge piece that needs to be worked out by the washington state bureau of liquor that's going to run all of this just like they regulate liquor sales, they're going to regulate marijuana sales. they're going to license and tax the growing, the processing and retail sales for all marijuana all at 25% plus fees for every individual that goes into those various businesses. they project that in the first five years nearly $2 billion from this program...
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lump sum before taxes. he warned the hill family to be careful because folks they barely know will try to score a small chunk of those winnings. >> you don't know what tomorrow will bring. with some the people that come out of woodwork like you hear about. you know, those letters, you know, i still get them 8 years later. there is no book. there is no guide to tell these people what to do and how to do it. >> shepard: stephan white says life is wonderful now and he has just used some of his power ball winnings to make a donation to toys for tots. fox urgent now. two boys in florida plotting to set off a weapon of mass destruction here in the united states. this is new tonight. prosecutors say that weapon was some sort of explosive device. no word on a potential target. the fbi reports they arrested the brothers yesterday in fort lauderdale. the feds say the men are u.s. citizens. originally though from pakistan. they could get life in prison. there is a stalemate. let's not kid ourselves. that's the quote t
lump sum before taxes. he warned the hill family to be careful because folks they barely know will try to score a small chunk of those winnings. >> you don't know what tomorrow will bring. with some the people that come out of woodwork like you hear about. you know, those letters, you know, i still get them 8 years later. there is no book. there is no guide to tell these people what to do and how to do it. >> shepard: stephan white says life is wonderful now and he has just used...
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we don't think their taxes should go up. to me since that's a point of agreement and doesn't affect either side's negotiating position on the other issues we ought to remove it from the table. make sure most americans don't have to worry about their taxes going up. having said that, again, i think the speaker's right on in terms of the proposal he's put out there. most importantly, he couples it with something the president doesn't, which is really significant spending cuts and entitlepment reform. but if we solve the tax problem for 98 ps% of the american people, continue to fight for the other 2%, to not raise rates, that seems to me we move closer it toward that spending and entitlement debate and i think that's something that the president and the democrats in general are trying to avoid. >> senator, tom coburn was on "morning joe" alongside you today and he has -- he's willing to make a deal that does involve the higher rates for the wealthy. why not go there? the president has made it clear it just is not enough money
we don't think their taxes should go up. to me since that's a point of agreement and doesn't affect either side's negotiating position on the other issues we ought to remove it from the table. make sure most americans don't have to worry about their taxes going up. having said that, again, i think the speaker's right on in terms of the proposal he's put out there. most importantly, he couples it with something the president doesn't, which is really significant spending cuts and entitlepment...
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republicans have to realize they have to cave on tax rates. the only question is what to get in return. they should demand the year 2013 will be spent putting together a pro-growth and entitlement reform package to put this country on a sound financial footing through 2040. i want to show you what ishg sken boles said. he said while i'm flattered he calls it the bowles plan, it does not represent the simpson-boles plpla plan. >> i almost always agree with brooks. i think serious tax reform has to be the next phase. i hope there's a commitment to it. you know, backing up on the revenue and what republicans need to do, i think the approach that republicans are saying is if there's a number, there are ways to get -- a variety of ways to get to the number. we want to get to a number and do it in a way to stimulate the economy and encourage growth. so there's just lots of ways of getting to a number, and it doesn't have to be that top marginal rate. you can do it through closing of loopholes and capital gains and a number of different ways to do it
republicans have to realize they have to cave on tax rates. the only question is what to get in return. they should demand the year 2013 will be spent putting together a pro-growth and entitlement reform package to put this country on a sound financial footing through 2040. i want to show you what ishg sken boles said. he said while i'm flattered he calls it the bowles plan, it does not represent the simpson-boles plpla plan. >> i almost always agree with brooks. i think serious tax...
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, limited government, to just take a solo tax -- or vote on a tax increase with not having everything else there to kind of, you know, give us the sugar to make the medicine go down. that's just not going to fly. most of us aren't going to support that. but i could certainly understand tom's political strategy of trying to take it off the table, then the president may get serious about dealing with all of the other financial problems we have. >> i hope y'all can come to some consensus because you're costing me money as i sit here and everybody else watching us. i think a lot of people are pretty frustrated with the people we're electing to do something big and bold. come on. negotiate. >> well, yeah, i nt, but when the president goes from, you know, hey, i want to increase taxes on those over $250,000 and geithner comes and puts on $1.6 trillion of taxes, we're going in the wrong direction. >> come back with another proposal and then come back on the show and i'll interview you about your proposal but i'm out of time. congressman terry, thanks for being with us. appreciate it. >>> joi
, limited government, to just take a solo tax -- or vote on a tax increase with not having everything else there to kind of, you know, give us the sugar to make the medicine go down. that's just not going to fly. most of us aren't going to support that. but i could certainly understand tom's political strategy of trying to take it off the table, then the president may get serious about dealing with all of the other financial problems we have. >> i hope y'all can come to some consensus...
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that is 98% of the american people, getting about 80% of this tax cut shouldn't have their taxes raised. so my suggestion -- it was delivered, by the way, in private and leaked and put in public. but that's fine. i mean, it's certainly what i said. my suggestion was let's take the one area that we agree and take it off the table. >> and -- but just to be clear, though, you actually think -- because this is when i saw your comment what i was so curious about, just from a negotiating standpoint. we had the super committee that failed, now we have the fiscal cliff, right? and if those sorts of deadlines aren't enough to get a deal, if you actually were -- were going to break with your own party or say go ahead, we'll extend them for the middle class, do you actually think that you would be able to negotiate a deal where they didn't go up on the top 2% at the beginning of the year? >> you might be able to negotiate that deal. again, i think a lot of people misunderstand, you know, what's happening with the 98%. number one, i don't think you ever ought to use the american people as, quote, l
that is 98% of the american people, getting about 80% of this tax cut shouldn't have their taxes raised. so my suggestion -- it was delivered, by the way, in private and leaked and put in public. but that's fine. i mean, it's certainly what i said. my suggestion was let's take the one area that we agree and take it off the table. >> and -- but just to be clear, though, you actually think -- because this is when i saw your comment what i was so curious about, just from a negotiating...
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it includes limiting tax deductions, but no increase in marginal tax rates. and it would change eligibility for medicare and social security over the longer term. bob corker is from tennessee and joins us now from capitol hill. senator, welcome, and first of all, we heard late today that there was a phone conversation between the president and speaker boehner. have you heard anything about that? >> no, i haven't. i've been in multiple conversations today about this. but i've been in a meeting until right now for the last two hours. so i have not been aware of the phone conversation. sphwhrood well, we not hearing any reports other than the fact the call took place, but the fact that it took place, is that good news? >> oh, i don't know, judy. i think there are a the love discussions about what is the best way to get the type of entitlement reforms that everyone knows needs to take place, both republicans and democrats. judy, i have been in i don't know how many meetings in the last two years where there is a lot of commonality around the issue. as you know, t
it includes limiting tax deductions, but no increase in marginal tax rates. and it would change eligibility for medicare and social security over the longer term. bob corker is from tennessee and joins us now from capitol hill. senator, welcome, and first of all, we heard late today that there was a phone conversation between the president and speaker boehner. have you heard anything about that? >> no, i haven't. i've been in multiple conversations today about this. but i've been in a...
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but the plan calls for raising the revenue without raising tax rates on top income earners, something the white house views as unacceptable. during a photo op, the president avoided questions about the gop plan. >> no deal better than a bad deal, sir? >> reporter: a senior white house official called the proposal a step backwards. saying if republicans do not agree to some higher tax rates for the wealthy, the nation will go over the fiscal cliff, and the american people will hold them responsible. democrats also take issue with the proposal's spending cuts to medicare and social security. republican counter that tough cuts are needed to tackle the soaring debt, leaving washington locked in a stalemate, less than a month before every american sees their taxes shoot up. the gridlock has irritated people outside washington, like deborah page of arlington, texas. >> if i was working the way the president and congress was working, i would probably lose my job. >> reporter: page started a petition that would cease paychecks and health benefits for all members of congress and president obam
but the plan calls for raising the revenue without raising tax rates on top income earners, something the white house views as unacceptable. during a photo op, the president avoided questions about the gop plan. >> no deal better than a bad deal, sir? >> reporter: a senior white house official called the proposal a step backwards. saying if republicans do not agree to some higher tax rates for the wealthy, the nation will go over the fiscal cliff, and the american people will hold...
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Dec 7, 2012
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raise tax revenue capping deductions, limiting loopholes, not raising tax rates. >> if you listen to the president's entire statement he said as part of a larger tax reform proposal. the fact is you can't get the revenues that are necessary simply by eliminating deductions, unless you want to whack the middle class, and that's not something we can afford to do now. let's also make the point, wolf, that everyone in america will benefit if we extend the tax cuts for, incomes under $250,000. you get the tax cut the first $250,000. but if we're going to deal with the debt problem, we have to do it in a balanced way. raising rates is part of what we need to do. >> one of the things republicans would tell you, when we created the bush tax cuts for everyone, including the wealthy, government revenues went up from 1.8 trillion to 2.5 trillion. >> 2001 and 2003? >> over a four-year period after bush tax cuts were put in place. why not stay with that, keep the economy growing. that's $700 billion in additional revenue. >> the whole thing could collapse. >> it is something we need to figure --
raise tax revenue capping deductions, limiting loopholes, not raising tax rates. >> if you listen to the president's entire statement he said as part of a larger tax reform proposal. the fact is you can't get the revenues that are necessary simply by eliminating deductions, unless you want to whack the middle class, and that's not something we can afford to do now. let's also make the point, wolf, that everyone in america will benefit if we extend the tax cuts for, incomes under $250,000....
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Dec 4, 2012
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of tax avoidance. but there's no question in times of austerity -- tomorrow we'll find out what taxes in the uk are going to go up -- that this sort of finagling of the finances is most definitely not on. >> i suppose you could call it creative bean counters behind all of that. you could if you wanted to be silly. britain has a bit of a big tax gap problem overall, right? >> it does. and the chancellor of the -- the finance minister has now warned that he won't meet his deficit targets for austerity will have to continue. we expect higher taxes on the rich tomorrow, cuts in public spending, and in this environment the multinationals like google, amazon, starbucks, are very firmly in the firing line. after all what better than to attack big corporate america. and they're being told, smell the coffee. i can play that game, too, michael. >> wake up and smell the coffee. always good to see you, mr. quest. always making it simple for us. richard quest in london. probably didn't pay for that coffee. >>> over
of tax avoidance. but there's no question in times of austerity -- tomorrow we'll find out what taxes in the uk are going to go up -- that this sort of finagling of the finances is most definitely not on. >> i suppose you could call it creative bean counters behind all of that. you could if you wanted to be silly. britain has a bit of a big tax gap problem overall, right? >> it does. and the chancellor of the -- the finance minister has now warned that he won't meet his deficit...
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Dec 6, 2012
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legal marijuana sales could also generate washington $500 million a year in taxes and business. opponents worry legalization will lead to more people using drugs. >> this is not what you're going to pick up in a baggy at the corner. >> absolutely not. it's the complete opposite. >> reporter: jamen shively, a former microsoft executive, has plans for up-market marijuana shops. >> we're positioning premium marijuana, very similar to a fine cognac, a fine cigar, something to be safeord, something to be consumed in moderation by responsible adults. >> reporter: new stores would be modeled after those in many states it for alcohol. by next month, a similar law will go into effect in colorado, where residents will be allowed to grow their own marijuana. but all those plans could go up in smoke because of federal w. the justice department said it's studying the situation here in washington, but, scott, want feds have already warned residents of this state, under federal law all marijuana use remains illegal. >> pelley: plenty of room for confusion. thanks very much, john. a change may
legal marijuana sales could also generate washington $500 million a year in taxes and business. opponents worry legalization will lead to more people using drugs. >> this is not what you're going to pick up in a baggy at the corner. >> absolutely not. it's the complete opposite. >> reporter: jamen shively, a former microsoft executive, has plans for up-market marijuana shops. >> we're positioning premium marijuana, very similar to a fine cognac, a fine cigar, something...
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Dec 4, 2012
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the most supply side oriented tax of all is the tax on risk and wealth, namely capital gains tax, risk wealth high risk stock investment. every time the capital gains tax rate is cut, revenues soar as they did under bill clinton. in fact, president obama was asked this in a tv interview during the campaign and he said i know that's what the numbers show but i still want to raise the top rates. if ever there's a supply side tax rates where lower rates produce higher rates it's capital gains. >> that's right. people start taking gains and hold on to what they have. that means capital is not put to work. in the early 1990s the economy was starting to get a real head of steam. not enough to save george h.w. bush but that slowed in '93 and '94. when republicans came in, cut spending, killed hilary care and alan greenspan had a sensible monetary policy, the economy started to recover and then clinton got the religion, he cut capital gains. >> steve is giving your man all these kudos and you're not taking them. >> two things first, larry, didn't president reagan raise the capital gains tax ra
the most supply side oriented tax of all is the tax on risk and wealth, namely capital gains tax, risk wealth high risk stock investment. every time the capital gains tax rate is cut, revenues soar as they did under bill clinton. in fact, president obama was asked this in a tv interview during the campaign and he said i know that's what the numbers show but i still want to raise the top rates. if ever there's a supply side tax rates where lower rates produce higher rates it's capital gains....
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reform with no tax rate hikes. john boehner blasting the president's, quote, la la land offer. that just moments after the president took his plan to the people answering questions about the fiscal cliff on twitter, and with less than a month to go, the white house dispatched treasury secretary tim geithner to five sunday talk shows to declare tax rates on the wealthy are going up one way or another. >> if the republicans say, sorry, no way are we going to raise rates on the wealthy. you guys are willing to go off the fiscal cliff? >> it republicans are not willing to let rates go back up, and we think they should go back to the clinton levels, a the a time when the american economy was doing exceptionally well, then there will not be an agreement. >> while geithner was drawing a line in the sand, house speaker john boehner was busy trying to lift his jaw off the flar after geithner presented the president's debt reduction plans to him last week. >> i was just flabbergasted. i looked at him and said you can't be se
reform with no tax rate hikes. john boehner blasting the president's, quote, la la land offer. that just moments after the president took his plan to the people answering questions about the fiscal cliff on twitter, and with less than a month to go, the white house dispatched treasury secretary tim geithner to five sunday talk shows to declare tax rates on the wealthy are going up one way or another. >> if the republicans say, sorry, no way are we going to raise rates on the wealthy. you...
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Dec 6, 2012
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the one issue for them is tax rates. they say, if the republicans break on that, when they break on it, they believe they will, everything else gets done very quickly. of course, the republicans see it differently. just adding quickly on that point david gergen made. the white house explicitly came out today saying, point-blank, they do want a two-step process for tax reform, raise the rates on the top 2% to clinton levels now and let next year be a time for negotiating rates for the future and maybe everybody could lower the rates for everyone during that time. >> dana, how much of this do you think is just public posturing and kind of bloviating on partisan cable channels? it does seem like there's a lot of that going on. >> reporter: so much of that is public posturing and bloviating. but i think the difference between now and what we've seen in past high-stakes negotiations like this, you have the public posturing, the bloviating and the, okay, guys, let's roll up our sleeves and talk about what's really going on. by
the one issue for them is tax rates. they say, if the republicans break on that, when they break on it, they believe they will, everything else gets done very quickly. of course, the republicans see it differently. just adding quickly on that point david gergen made. the white house explicitly came out today saying, point-blank, they do want a two-step process for tax reform, raise the rates on the top 2% to clinton levels now and let next year be a time for negotiating rates for the future and...